Figure Rare

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Figure Rare

Rare Element Resources Program Plans Major drilling in the Bear Lodge REE

Intelligence Resource TV when last interviewed our next guest in June 2009, shares His company is trading at about $ 1.50 per share. Since then the market has caught on to the potential size and nature of Rare Element Resources' (TSXV: res) big Bear Lodge project and the bid price above $ 3.45 per share. Maybe it was a reaction to the red-hot rare earths (REE) sector, but also shows the Rare Element's consistent high-grade results of the Bear Lodge project and the acquisition of Project Nuiklavik REE sa Labrador. Rare Element Resources' President and CEO Don Ranta is a Doctor of Geology and this year led his company in 2010 TSX Venture 50 list.

Intelligence Sources: Your stock has outperformed the market substantially in the past 12 months. So much so that Rare Element Resources has recently named the TSX Venture 50, which is a ranking of the strongest performers listed on the Venture Exchange. What are you doing that others are failing to do?
Don Ranta: The answer has several different parts to it. Primarily in the technical side, it comes at all together when we completed a 43-101 resource estimate showed that we are about 8.9 million metric tonnes more than 4% rare earth oxide (REE) and caught the interest the market's.
Secondly, we started getting back metallurgical results, especially zinc, near surface mineralization, which is about half of the deposit. The oxide metallurgy having completed very attractive metallurgical characteristics. Between the reports we got in July and then another in September, keeping We improvements in metallurgy, especially in the oxide zone. Since then, we more than doubled the number of drill holes to deposit a very successful drilling program fall and I think that has helped the stock price as well.
From the geopolitical side, China announced last spring that they may be cutting back on their exports and got REE everyone in the western world a bit nervous about where they're going to get Rees to continue their production outside of China.
Plus an whole series of newsletter writers who caught onto the front of the mainstream press. Newsletter writers certainly recognize Rare Element Resources because we are the second highest grade deposit in North America and one that is perceived as better than some others.

Ri: Explain how important is metallurgy. You mentioned that you getting excellent results. Can you explain how important, especially in a rare earth projects like yours?
MR: The two key things the most rare project earth metallurgy and infrastructure. Each rare earth deposits around the earth is variable variable mineralogy and metallurgical characteristics, so each ends up as a research and development project itself. That's why we got an R & D metallurgy lab to work on our material. These are some of the same people that is the first work for the Mountain Path and Molycorp years ago, two of the largest companies of molybdenum in the world, until the Chinese drove them out of business in the 1990s.
The second most important aspect of the REE project infrastructure. There is to quite a bit of transportation to either concentrates or chemicals, a common location and for the infrastructure that gets really important. If you have to make your own infrastructure it gets to be very heavy, especially rare earth deposits because most of them do not have multiple mines in the amount of tonnage. This is not a huge amount of production, but if you have to move a lot of concentrates or chemicals, it ends up being a problem.

Ri: What is it about your current infrastructure ameliorates that?
MR: Our infrastructure is outstanding. The deposit itself is only about 12 miles from a major interstate highway. It's 30 five miles from a destination the rails. We have close to water and has jurisdiction within two miles of the project site. There is a major mining center just a short distance to the west in Gillette, Wyoming. This was mainly coal mining, but nevertheless they have a lot of the same we need skilled laborers. Being in Wyoming from northeast where there are many infrastructure nearby, is a good location plus Wyoming, even rank Fraser Institutes, ranks # 2 in the world.

Ri: What grade getting to the Bear Lodge and what they do to you?
DR: A lot of the holes are getting grades anywhere from 3% to 8% and we obviously love to see more high-grade hole. It is interesting that in our drilling results from this year, some of the best results are really into margins Our drilling, so that means it is still open for continued expansion. We are very pleased with. 3% to 8% grade, with an average of a little over 4% of our resource estimates, represents a very significant amount per ton. Our sources report that indicated that the average rate is around 265 dollars per ton, but since then the rare earth prices have gone up, plus if we take into account some of the elements that we do not consider before. John Kaiser recently finished a recalculation and put a notice that the rare earth and Bear Lodge is more like 370 dollars per ton. That is particularly in this oxide zone where we are getting good metallurgical results.

Ri: What is the target size for the project that you are projecting now?
DR: We are hoping and hoping that we is going to increase, especially oxide resource. We will focus on oxide this year because that's where we're having the best metallurgical results. I hope that you We have as much as a doubling of the oxide resource. I'm not positive, but we just have to wait and see what comes out of our resource estimate. We should new sources of reports done once in the spring. I was hoping that by the end of the first quarter, but it could be March or April.

Ri: You also are doing a scoping study or is that both reports?
MR: A scoping study is a follow-on report. We think we will do the source initial estimates and we feel that increase going to be material to the company and we report and have a separate exit for the report and then we have a follow-on report, maybe some time in the summer. Once this summer we should scoping study done.

Ri: Those scoping study is important, especially that investors who wish to get their hands dirty and learn the diagnosis, because the point you are going to get into the economy.
MR: actually, in oxide hopefully double the resources or somewhere around there. I think eventually we will double the total resources, 8.9 million metric tonnes and there is a potential that can we tripled our continued drilling. That could be after the 2010 drilling program or may even have been in 2011. The ultimate goal is at least double or triple total tonnage.

Ri: How much acreage the project generates and how much of it focused on you?
DR: All the rare earths we found any significance to Bear Lodge area within about a square mile, which is almost the equivalent of three sq. km. This is a fairly small place, but it is interesting that surround it are all the gold target Newmont is working on. There seems to be some sort of geological zoning there that we do not fully understand at this point , but however, what we saw rare earths centrally located, with a gold target almost completely surrounding the rare earths.

Ri: The gold showings Bear Lodge surrounding your project is called the Sundance project, which is a joint venture deal with Newmont. You are working with the rare earths; They are working in gold.
DR: Newmont is earning a 65% interest in the venture Sundance. It practically the same property as the rare earths, but the rare earths are excluded from the venture Sundance. If Newmont found copper or silver to be part of dealing with them. They can earn 65% in the first part of spending $ 5,000,000 over five years. They have to spend $ 3,500,000 by June 1 and up by about the middle of winter they spent about $ 2,700,000. So there is a bit of a shortage there and it will be interesting to know how or if they plan to go forward.

Ri: What kind of results they?
DR: They have some good results. They are finding lots of low-grade mineralization. Their drill hole spacing is too wide in 100-200 meter spacing. Not They are looking for a resource, they are looking for a deposit size Newmont. Have a question in my mind whether or not the deposit is really there, although we are confident that there is going to be a small deposit, maybe 1-2000000 ounces that can be defined fairly easily.

Ri: How well funded are you?
DR: We have enough money for this year. If we ran into a problem we would market about $ 5,000,000 in the bank and that would be enough to complete a very serious program of the Bear Lodge project. We're going to raise an additional $ 10 million before the summer or when our core drilling program begins around 1 June.


* New 43-101 resource estimate completed by Q2 2010
* Newmont must spend $ 3,500,000 through June 1 (Sundance project)
* Start the main drilling
* Program by June 1 (Bear Lodge)
* First tier Economic
* Assessment completed by
* Summer 2010
* Triple Bear Lodge resource size by the end of 2011

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